• Deutsche (DB) BBCA Buy TP Rp15.500
  • BCA has released its bank-only Oct-15 numbers. The reported headline Oct-1 PPOP of Rp2.6tr (+28% MoM) was the highest monthly number YTD, while NP was Rp1.8tr (+49% MoM), matching the record high in Jul15. The main driver was strong NIM of 6.5% (+25bp MoM), as BCA continued to disburse more loans.
  • Loan growth was 0.8% MoM, continuing its stellar pace after the stagnant 1H15, lifting LDR to 80.3% (+140bp MoM).
  • Although there seemed to be a reshuffling in non-interest P&L accounts, which resulted in a negative CIR number, the combined PPOP number was strong.


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